Cars

Tesla Model 3 bottlenecks – 23% orders cancelled

Tesla-Model3

The Tesla Model 3 production bottlenecks doesn’t seem to end anytime soon, as the delays are resulting in the pre-orders being cancelled. About 23% of reservations have received their $1000 deposit refund, according to a private analytics firm.

Second-Measure-Tesla-Model-3-deposits-and-refunds

Second Measure claims that their analysis aligns with Tesla’s reported figures. “Deposits started off strong. On March 31, 2016, eager early adopters drove a surge of initial deposits, and 61 percent of all Model 3 reservations occured in the first month. In August 2017, Tesla disclosed the gross and net Model 3 reservations, revealing a refund rate of 12 percent. Our analysis aligns with Tesla’s reported figures, also finding that 12 percent of deposits had been refunded at that time.”

“Tesla is presently paying out refunds faster than new Model 3 deposits are coming in and, so far in 2018, it has issued twice as many $1,000 refunds as it has received $1,000 deposits,” the analytics firm said.

Although Tesla might not confirm the above report, in the April 2018 press release, the company admitted that there were Model 3 order cancellations, and the reasons “are almost entirely due to delays in production in general and delays in availability of certain planned options, particularly dual motor AWD and the smaller battery pack.”

The press release also mentions that the Q1 deliveries totaled 29,980 vehicles, of which 8,180 were Model 3. An additional 2,040 Model 3 vehicles were also in transit to customers and these vehicles will be delivered in early Q2 2018.

Furthermore, in the recent shareholder letter, Tesla confirmed that Model 3 reservations exceeded 450,000 at the end of Q1, and fewer than 20 stores worldwide had Model 3 on display.

Also Read: Tesla Model 3 costs $49,000 for first production

Source: 1, 2, 3

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